50% of Bitcoin's Total Circulating Supply Changes Hands Above $59,000

Analyst Darkfost stated that Bitcoin is currently forming an important support zone between $59,000 and $70,000, which is one of the most densely defended price ranges in Bitcoin's history. Fifty percent of Bitcoin's total circulating supply has changed hands above $59,000, and this percentage would be even higher if we exclude the millions of BTC that are widely believed to be permanently lost. A tug-of-war between bulls and bears is currently unfolding in this area. The short-term holder group is notably active, with their behavior showing a divergence between capitulation and accumulation. Many Bitcoin indicators are in extreme sell or pessimistic territory, making it difficult to accurately determine the absolute bottom price, while a bottom structure is in the process of being built.

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